93-8045r2
RESOLUTION NO. 8045
RESOLUTION APPROVING BENEFIT INCREASE TO
PERA POLICE AND FIRE FUND
WHEREAS, the Minnesota Legislature has approved a bill to
increase the benefit level of PERA Police and Fire Fund employees
by increasing the multiplier from 2.5$ to 2.65$ per year of
service of the average of the high five salary years; and
WHEREAS, the legislation providing for the benefit increase
requires local approval of all cities which have a consolidated
local pension plan with PERA Police and Fire Fund; and
WHEREAS, the Richfield Police Relief Association
consolidated their pension plan with the PERA Police and Fire
Fund as of December 31, 1991; and.
WHEREAS,. the City of Richfield has obtained an actuarial
report of the impact of the benefit increase to the City which
projects no additional annual cash contribution by the City; and
WHEREAS, employees of the consolidated fund have requested
that the City approve the benefit increase; and
WHEREAS, the benefit increase approval would place all PERA
Police employees of the City of Richfield at the same benefit
formula.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Richfield that the benefit increase from 2.5$ TO 2.65 in
the multiplier for members of the PERA Police and Fire Fund be
approved for members of the consolidated Richfield fund.
Adopted by the City Council of the City of Richfield,
Minnesota this 9th day of August, 1993.
_._ ~ R
Martin J. K' sch, Mayor
ATTEST:
~~~ ~ ~
Thomas P. Ferber, City Clerk